Settlement Price Clausole campione

Settlement Price. In relation to each Series of Warrants, as defined in Annex I, Table A, the Settlement Price of the Index, as determined by the Calculation Agent, is the official opening price of the Index calculated by the Index Sponsor on the Valuation Date and published at ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇. In relation to each Series of Warrants, as defined in Annex I, Table B, the Settlement Price of the relevant Index, as determined by the Calculation Agent, is:

Settlement Price. As defined in Condition 4 of the Base Prospectus.

Settlement Price. In relation to each Series of Warrants, as defined in Annex I, Table A, the Settlement Price of the Index, as determined by the Calculation Agent, is the official opening price of the Index calculated by the Index Sponsor on the Valuation Date and published at ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇. In relation to each Series of Warrants, as defined in Annex I, Table B, the Settlement Price of the relevant Index, as determined by the Calculation Agent, is: (a) in the case of Automatic Exercise: − with respect to the NASDAQ100 Index and the S&P500 Index, the “special quotation” of each Index, as established by the relevant Related Exchange on the Valuation Date at ▇▇▇.▇▇▇▇.▇▇▇. As of 8 November 2006, the special quotation for calculating the final settlement price of the NASDAQ100 options and the S&P500 options is based on the opening price of each stock on the last business day before the expiration date of the options; − with respect to the NIKKEI225 Index, the “special quotation” of the Index, as established by the relevant Related Exchange on the Valuation Date at ▇▇▇.▇▇▇.▇▇.▇▇. As of 8 November 2006, the special quotation for calculating the final settlement price of the NIKKEI225 options is based on the total opening prices of each component issue in the Nikkei Stock Average on the business day following the last trading day of the options; − with respect to the S&P/MIB Index, the official opening price of the Index, as established by the relevant Related Exchange on the Valuation Date at ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇.▇▇; In case of delisting of the relevant options contracts related to each Index listed on the relevant Related Exchange, at any time between the Issue Date and the Maturity Date (both included) of any Series of Warrants, the Settlement Price will be an official price of the Index calculated by the relevant Index Sponsor on the Valuation Date. The Calculation Agent will notify the Holders of the Settlement Price of the Index used for the purpose of calculating the Cash Settlement Amount. (b) in the case of exercise of the Warrant during the Exercise Period: − with respect to the NASDAQ100 Index, the official closing price of the Index, as calculated and published by the relevant Index Sponsor on the Valuation Date at ▇▇▇.▇▇▇▇▇▇.▇▇▇; − with respect to the NIKKEI225 Index, the official opening price of each Index, as calculated and published by the relevant Index Sponsor on the Valuation Date at ▇▇▇.▇▇▇.▇▇▇▇▇▇.▇▇.▇▇ \Markets Japan; − with respect to the S&P/MIB Index...

Settlement Price. In relation to each Series of Warrants, the Settlement Price of the relevant Index, as determined by the Calculation Agent, is: (a) in the case of Automatic Exercise: − with respect to the NASDAQ100 Index and the S&P500 Index, the “special quotation” of each Index, as established by the relevant Related Exchange on the Valuation Date at ▇▇▇.▇▇▇▇.▇▇▇. As of 28 September 2006, the special quotation for calculating the final settlement price of the NASDAQ100 options is based on the opening price of each stock on the last business day before the expiration date of the options; − with respect to the NIKKEI225 Index, the “special quotation” of the Index, as established by the relevant Related Exchange on the Valuation Date at ▇▇▇.▇▇▇.▇▇.▇▇. As of 28 September 2006, the special quotation for calculating the final settlement price of the NIKKEI225 options is based on the total opening prices of each component issue in the Nikkei Stock Average on the business day following the last trading day of the options; − with respect to the S&P/MIB Index, the official opening price of the Index, as established by the relevant Related Exchange on the Valuation Date at ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇.▇▇; In case of delisting of the relevant options contracts related to each Index listed on the relevant Related Exchange, at any time between the Issue Date and the Maturity Date (both included) of any Series of Warrants, the Settlement Price will be an official price of the Index calculated by the relevant Index Sponsor on the Valuation Date. The Calculation Agent will notify the Holders of the Settlement Price of the Index used for the purpose of calculating the Cash Settlement Amount. (b) in the case of exercise of the Warrant during the Exercise Period: − with respect to the NASDAQ100 Index, the official closing price of the Index, as calculated and published by the relevant Index Sponsor on the Valuation Date at ▇▇▇.▇▇▇▇▇▇.▇▇▇; − with respect to the NIKKEI225 Index, the official opening price of each Index, as calculated and published by the relevant Index Sponsor on the Valuation Date at ▇▇▇.▇▇▇.▇▇▇▇▇▇.▇▇.▇▇ \Markets Japan; − with respect to the S&P/MIB Index and the S&P500 Index, the official opening price of each Index, as calculated and published by the relevant Index Sponsor on the Valuation Date at ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇.;

Settlement Price. In relation to each Series of Warrants, the Settlement Price of the relevant Index, as determined by the Calculation Agent, is: